Upon each of the other questions argued at the bar, to-wit: 1, whether the void provision as to rents and income from real estate invalidates the whole act? 2, whether, as to the income from personal property a such, the act is unconstitutional as laying direct taxes? 3, whether any part of the tax, if not considered as a direct tax, is invalid for want of uniformity on either of the grounds suggested? - the Justices who heard the argument are equally divided, and, therefore, no opinion is expressed. 349, as provides for levying taxes upon rents or income derived from real estate, or from the interest on municipal bonds, is repugnant to the Constitution of the United States, and is invalid. So much of the act "to reduce taxation, to provide revenue for the government, and for other purposes," 28 Stat. 586 (October Term, 1880), taxes on land are conceded to be direct taxes, and in none of them is it determined that a tax on rent or income derived from land is not a tax on land.Ī tax on the rents or income of real estate is a direct tax within the meaning of that term as used in the Constitution of the United States.Ī tax upon income derived from the interest of bonds issued by a municipal corporation is a tax upon the power of the State and its instrumentalities to borrow money, and is consequently repugnant to the Constitution of the United States. 171, (February Term, 1796) and ending with Springer v. In the cases referred to in the opinion of the court in this case, beginning with Hylton v. The doctrine of stare decisis is a salutary one, and is to be adhered to on proper occasions, in respect of decisions directly upon points in issue but this court should not extend any decision upon a constitutional question if it is convinced that error in principle might supervene. Such a bill being filed by a stockholder to prevent a trust company from voluntarily making returns for the imposition and payment of a tax claimed to be unconstitutional, and on the further ground of threatened multiplicity of suits and irreparable injury, and the objection of adequate remedy at law not having been raised below or in this court, and the question of jurisdiction having been waived by the United States so far as it was within its power to do so, and the relief sought being to prevent the voluntary action of the trust company, and not in respect to the assessment and collection of the tax, the court will proceed to judgment on the merits. 898)Ī court of equity has jurisdiction to prevent a threatened breach of trust in the misapplication or diversion of the funds of a corporation by illegal payments out of its capital or profits. The first reporting standard requires the auditor to identify GAAP as established criteria for evaluating management’s financial statement assertions.Pollock v. Financial statements presented in accordance with GAAP In reporting the audit results, the auditor must meet four reporting standards. The sufficient competent evidential matter is to be obtained through inspection, observation, inquiries, and confirmations to afford a reasonable basis for an opinion regarding the financial statements under audit. Obtaining sufficient competent evidential matter Understanding the internal control structureĪ sufficient understanding of internal control is to be obtained to plan an effective and efficient audit. The work is to be adequately planned, and assistants, if any, are to be properly supervised. The fieldwork standards are so named because they pertain primarily to the conduct of the audit at the client’s place of business in the field. The standard of due care requires the auditor to act in good faith and not to be negligent in an audit. The auditor must be diligent and careful in performing an audit and issuing a report on the findings. The auditor must also meet the independence requirements of the AICPA’s professional conduct. The auditor must be free of client influence in performing the audit and reporting the findings. Continuous professional education during the auditor’s professional career.Practical training and experience in auditing, and.Formal university education for entry into the profession,.Three factors determine the competency of the auditor: In every profession, there is a premium on technical competence. Adequate technical training and proficiency The general standards relate to the qualifications of the auditor and the quality of the auditor’s work. Understanding the internal control structure
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